Commerce Bank Case Study Essay

1297 WordsAug 4th, 20126 Pages

Retailtainment is a term rarely used in banking. Banks do not usually target the experience of the customer in a specific branch as a main objective, more so almost every bank is pushing to drive customers to use electronic resources for their day to day transactions such as deposit and withdrawals. In this case, Commerce Bank is a bank willing to go to the extremes just to make the customers experience worthwhile, as one of the most well-known Commerce Bank employee trainer stated “we’re not here to satisfy customers, we’re here to blow them away”.
Now, the question that we are asked to give answer to is the role that Retailtainment plays in the delivery of Commerce Bank’s mission. Vernon Hill founded this bank with a mission, a…show more content…

That is why you have to invest as much as you do and be certain that the return of that investment is worthwhile.
Commerce Bank wanted to build strong customer relationships. They wanted to be different in everything they did, and every action they took was targeted to benefit the customer. Their philosophy was that they were retailers, not bankers. As the article mentions, most banks saw their customers coming into the branches as costs, Commerce Bank saw them as profit generators. It was highly influenced by the founder previous business, which owned a great amount fast food chain stores and was influenced by that industry so much that he applied some concepts of it to the banking industry. Some of the features that Commerce Bank offered was no overdraft fees on debit card usage, lollipops and dog biscuits in the lobby and drive-thru, foreign ATM fee reimbursement, and others.
The question is, if they wanted to provide targeted financial services in the communities they were in by creating strong customer relationships and customer loyalty, were all this services necessary?. I for one believe that they had too much going on. There is a reason why most banks are pushing customers to use electronic channels for their day to day operations. It is not only cost (though it is one, if not the main reason) but also some customers just want to get things done. I for one am someone who likes to go in and out of a bank without someone asking me every 2 minutes if I

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Commerce bank has been a pioneer in the banking industry by reverting to customer service. This has driven customers to the bank, but in order to stay ahead on the curve they want to move away from the model that has worked for them. They should focus on the current model and enhance it, rather than change it.
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Commerce bank also known as Commerce Bancorp is a New Jersey based bank founded in 1973 by fast food restaurant franchiser Vernon Hill…

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